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Kutak Rock Team Publishes EB-5 Securities Article

November 1, 2013

Kutak Rock attorneys Bob Ahrenholz, Mariza McKee and Bob Keim authored an article in the most recent issue of IIUSA, the EB-5 trade organization’s quarterly publication. The article discusses a United States District Court decision regarding foreign plaintiffs’ jurisdiction in U.S. courts over off-shore EB-5 offerings. The ruling will allow the SEC to bring enforcement actions against foreign plaintiffs, if warranted, under the Securities Act of 1933 and the Securities Exchange Act of 1934.

The Kutak EB-5 team cautions that due to the SEC’s public statements regarding its concern that EB-5 offerings comply with relevant U.S. securities laws, EB-5 participants should continue to carefully consider their due diligence and disclosure obligations, focusing on regulatory compliance issues in future offerings. This ruling also means that, going forward, it may not be surprising to see the SEC target so-called “gatekeepers” (e.g., attorneys and other professionals) in EB-5 offerings for not fulfilling their due diligence and disclosure obligations.

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